UditBigBasket has now confirmed that it has now secured $150 Million in the fresh funding round led by the Mirae Asset. The UK government development finance institution CDC group and with some of the existing investors which include the Alibaba Group have also participated in the round, according to the report which has been revealed.
Mirae Asset has also invested $59.7 Million in this round, according to the report. CDC Group has also contributed $40 Million while on the other hand Alibaba, is the biggest shareholder of the Bigbasket.
Bigbasket has also achieved a unicorn status in the month of February last month when it secured $300 Million in the funding round of Series E led by the Alibaba.
The company will now be going to use the capital from this round to penetrate further into some of the existing markets by investing more in the first mile delivery, and for developing some of the new reseller channels.
“We are re-engineering our supply chain to allow for faster delivery to our resellers and to reduce the time from farm to our customers. We are also scaling up the back-end supply chain for our new businesses, BB Daily, which delivers fresh milk and other fresh products and BB Instant, which creates a network of vending machines. This coupled with an expansion in our range of private label products will create a solid foundation for growth in both revenue and profitability,” VS Sudhakar, Big Basket’s co-founder, said.
The company is founded in the year 2011 and operates in 15 Tier II cities and 10 metros.
Source: BigBasket